ECONOMICS

 Economics deals with production, consumption, distribution of goods and

services
 It studies how individuals, businesses, governments and nations work
 How the people act in economy
 Father of economics: Adam smith
DEFINITION

Economics is the science which studies human behaviour as the relationship

between ends and scarce means which have alternative uses.
-Lionel Robbins
SCHOOLS OF ECONOMICS

 Classical
 Keynesian
 Neo Classical
IMPORTANT ECONOMISTS

 Adam Smith
 JM Keynes
 Karl Marx
 JB Say
 Lionel Robbins
 Amarthya Sen
BRANCHES OF ECONOMICS

 Micro Economics
 Macro Economics
WHAT ECONOMICS STUDIES

 Why scarce resources exchanged?

 How consumers and producers interact in markets?
 What is the role of government?
SCOPE OF ECONOMICS

 How people allocate scare resources for production, distribution and

consumption.
 How attain efficiency in production, distribution and consumption and
policies and programs and policies of the government
 Studies international relations, trade, exchange rates
 Studies and publishes economic indicators like GDP, GNP, WPI, Exchange rates
etc.
OBJECTIVES OF TEACHING IN EDUCATION

 Teac modern economic principles and its current practices

 To apply sound economic theories in everydaylife.
 To understand economic problems and clear the problems in future